Kodak stock to be revoked in Chapter 11 emergence

It seeks approval to exit bankruptcy by end of September

11:36 PM,
Apr. 30, 2013

Kodak in Rochester.

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When Eastman Kodak Co. went into Chapter 11 bankruptcy protection in January 2012, it left thousands of parties - from suppliers to many of its own executives - holding IOUs for what they were owed.

When Kodak comes out of bankruptcy - perhaps as soon as sometime this September - 4,800 unsecured creditors will be repaid in some of the 40 million new shares of Kodak stock to be issued. Of the roughly $2.7 billion pool of unsecured claims, Kodak estimates they will receive stock in proportion of their claim. Meanwhile, current shareholders will see their stock turn to worthless paper on that date ...